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  • DragonEx revealed that it is bringing in a stopgap measure to push the reintroduction of withdrawals after some issues that occurred in October.
  • The platform reveals that this is a temporary solution to allow crypto withdrawals and will require its consumer base to acquire DragonEx Withdraw Quota tokens. 

Earlier this month in an announcement on the 8th of November, the crypto platform DragonEx revealed that it is bringing in a stopgap measure to push the reintroduction of withdrawals after some issues that occurred in October.

The platform reveals that this is a temporary solution to allow crypto withdrawals and will require its consumer base to acquire DragonEx Withdraw Quota tokens. Otherwise known as DWQ, these tokens will allow the withdrawal of assets with up to 1 Tether.

Executives at the exchange have said that users will be able to acquire the token through trading activities and highlighted that when a user makes a withdrawal, the same value of the DWQ token will be consumed. 

Translated, the announcement notes:

Users can obtain DWQ (DragonEx Withdraw Quota, which is the withdrawal limit. 1DWQ=1USDT, which means that 1DWQ can withdraw assets worth 1USDT) by trading on the platform, collateralizing loans, and recharging. The execution time is expected to start on November 9, 2020 (that is, the first snapshot will be executed at 00:00 on November 10).

For those that don’t know, on the 21st of October, the platform revealed that it had suspended deposit and withdrawals of all cryptocurrency types in regards to issues that were triggered by the ongoing withdrawal freeze on the OKEx platform. Since then, the platform has been working on restructuring its operations in order to resume the services on the Exchange.

The announcement further highlighted:

“DragonEx has been actively seeking for external investment recently, however, the process takes time and uncertainty exists as well. In order to shorten the waiting time, DragonEx plans to restore token withdrawal gradually through a temporary solution.”

For more news on this and other crypto updates, keep it with CryptoDaily!

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2020-11-15 11:00:00

Robert Johnson

Crypto Daily™

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